President Muhammadu Buhari says improved gold mining operations in the country will generate no fewer than 250,000 jobs and over 500 million dollars annually in royalties and taxes to the Federal GovernmentWhile reiterating the determination of the Federal Government to combat illegalmining activities, the president expressed concern that Nigeria lost close to three billion dollars from 2012 – 2018 due to illegal smuggling of gold.
President Muhammad Buhari on Thursday did a virtual launch of the Presidential Artisan Gold Mining Initiative (PAGMI) at the Council Chambers of the State House Abuja. The Central Bank Nigeria (CBN) paid for and received an international standard but locally sourced 12.5kg gold bar (artisan-mined in Nigeria) worth N268 million for its reserves.
The CBN presented a Cheque for that amount to PAGMI. The gold now belongs to Nigeria’s External Reserves. With PAGMI, CBN will be able to boost gold reserves with Naira, not dollars. According to the President Buhari said on Thursday that improved gold mining operations in the country will generate no fewer than 250,000 jobs and over $500 million annually in royalties and taxes to the Federal Government.
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